Bitcoin rises on strong US economic data and anticipation of Trump’s Nashville speech
Bitcoin began the week on a high note, trading at around $68,000. Market participants were buoyed by optimism about Donald Trump’s potential election win. Tuesday marked a significant milestone in the cryptocurrency market with the trading debut of Ether ETFs following the SEC's approval. This development was highly anticipated, as it represents a significant step towards mainstream acceptance and institutional adoption of Ethereum, the second-largest cryptocurrency by market capitalization. The approval of Ether ETFs is seen as a validation of the crypto sector, encouraging further investment and interest.
The mid-week brought a downturn, with Bitcoin falling back to the $64,000 level. This decline was partly driven by disappointing earnings reports from major tech companies like Alphabet and Tesla. As tech stocks tumbled, the ripple effect was felt in the cryptocurrency space. Another factor contributing to the mid-week slump was the continued selling pressure from Mt. Gox creditors. The combined effect of tech stock declines and Mt. Gox-related selling pushed Bitcoin down to the $64,000 mark.
Friday brought a welcome relief, with Bitcoin rebounding to the $67,000 level. This resurgence was fueled by strong US economic data for the second quarter, which indicated robust growth and resilience in the economy. Additionally, bullish projections from investment management firm VanEck added to the positive sentiment. VanEck's analysis suggested that Bitcoin's price could potentially reach $2.9 million by 2050, a
